Emerging Norwegian rig companies are finding it harder to secure the investments to cover the financing for newer rig-building programs, it was reported Thursday.

Viking Drilling has had to inform shareholders that no lenders were on hand for the NOK240 million ($44 million) sought by the company to cover soaring costs for the overhaul of rig Viking Producer, newspaper Dagens Næringsliv has reported.

The company has given itself a first-quarter 2008 deadline for securing new financing, but its chief financial officer Ole Geir Hagen told the newspaper it had an existing load to draw from.

“It has shown itself to be difficult to find a loan under acceptable conditions,” Hagen was quoted by the business daily as saying.

Rig outfits Neptune Drilling is also grappling with loan conditions, while Scandoil.com recently wrote that Ability Drilling had to cut its planned stock price ahead of listing shares.

ws@scandoil.com